A spatial econometrics approach to the relationship between credit and economic growth in the municipalities of Espírito Santo, Brazil, from 2006 to 2018

Jandir Fraga Junior () and Edson Zambon Monte ()
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Jandir Fraga Junior: Universidade Federal do Espírito Santo (Ufes)
Edson Zambon Monte: Universidade Federal do Espírito Santo (Ufes)

Revista de Economia Mackenzie (REM), 2023, vol. 20, issue 1, 232-258

Abstract: The main aim of this work was to verify the effects of credit on the economic growth of the municipalities of Espírito Santo, in the period from 2006 to 2018, using spatial econometrics for panel data. According to the results, all estimated spatial models revealed significant spatial effects, and the Durbin spatial model (SDM) presented the best fit when using the Akaike information criterion (AIC). The main results show that the variables credit supply and number of branches, without spatial lag, were significant and positively correlated with the economic growth of the municipalities. In addition, there were spatial spillover effects of the variables credit supply, number of branches and GDP per capita on the economic growth of municipalities. It is noteworthy that the variables number of branches and GDP per capita had a positive spatial relationship with economic growth, while the spatially lagged supply of credit had a negative relationship.

Keywords: credit; economic growth; Espírito Santo; panel data; spatial econometrics. (search for similar items in EconPapers)
JEL-codes: C31 C33 O16 R11 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aft:journl:v:20:1:2023:jan:jun:p:232-258

DOI: 10.5935/1808-2785/rem.v20n1p.232-258

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